China’s Supreme Court said this week it would strengthen investigations into new types of cases such as cryptocurrencies to protect the legal rights of investors. Protection of the Legal Rights of Crypto Investors According to a local media report from today, China’s Supreme Court has decided to look over new types of cases such as securities, cryptocurrencies, and cross-border financial product transactions to effectively protect the legal rights of investors. The move comes considering the current legal status of digital status in the country is very vague and complicated. Earlier in February, the Supreme Court specified that “virtual currency” transactions used for raising funds can be prosecuted, with varying penalties available depending on the amount of money raised. The law took into effect on March 1. The potential penalties vary significantly based on the amount of cryptocurrency involved in the alleged crimes. If found guilty, an offender could face up to 10 years in prison, as well as fines up to 500,000 yuan or $79,000. The country’s stringent policy on crypto is nothing new, considering it has implemented a dozen bans against various crypto-related activities over the past decade. One of the biggest crackdowns came last year when it issued a blanket ban on all crypto-related activities.The post China’s Supreme Court Will Strengthen Investigations Into Cryptocurrency appeared first on Cryptoknowmics-Crypto News and Media Platform.
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